Wood Adhesives Market by Resin Type (Natural Resin Adhesives, and Synthetic Resin Adhesives), Technology (Solvent-Based, Water-Based, Solventless, and Others), Application (Furniture, Cabinet, Plywood, Flooring and Decks, Windows and Doors, and Others): Global Market Size Estimates and Forecast (2022-2030)
The market crossed US$ 5.5 billion mark in 2022 and is expected to hit US$ 7.9 billion by 2030, recording a CAGR of 4.6% during the forecast period.
Wood adhesives market has been significantly growing with the rising construction industry
Wood adhesives is termed as adhesive or glue used to bond two pieces of wood together, with wide range of applications such as furniture, arts, crafts and shipbuilding. Also, rise in disposable income, shift in consumer lifestyle and growing urbanization along with the upsurge in construction activities and infrastructure development is expected to positively affect the wood adhesives market. The surge in refurbishing, home décor and renovation activities, resulting in hiked demand for furniture and subsequent engineered wood and wood products is expected to increase the demand of wood adhesives.
Within the report, the market is segmented into resin type, technology, application and geography. By resin type, the market is further divided into natural resin adhesives and synthetic resin adhesives. On the basis of technology, the market is segmented into solvent-based, water-based, solventless and others. By application, the market is further divided into furniture, cabinet, plywood, flooring and decks, windows and doors and others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Rise in demand for engineered wood for building materials
The rising customer awareness about deforestation of forests and climate change has created upsurge in the demand for engineered wood panels. A substantial quantity of wood adhesive is required to manufacture engineered wood panels. Moreover, wood panels such as oriented strand boards, plywood, and particle board are utilized for furnishing and home decor. The awareness regarding environmental degradation, extending customer base, and continuous research and development are anticipated to boost the demand for bio-based wood adhesives.
High demand for water-based wood adhesives due to awareness of environmental conservation
The demand of water-based wood adhesives is upsurged compared to solvent-based wood adhesives. This shift in trend can be attributed to the awareness for environmental protection and conservation and the eco-friendly nature of Low VOC wood adhesives. The wood adhesive manufacturers are focused on development of sustainable solutions. Therefore, these factors are anticipated to drive the wood adhesives market. The continuous research and development on bio-based products and new product development with low volatile organic compounds emissions is expected to boost demand for low VOC wood adhesives.
Recent strategic developments in Wood adhesives market
The wood adhesives market has undergone several significant developments, and a few of these have been mentioned below:
- In May 2021, Henkel AG & Co. KGaA invested US $ 59.8 million in development of innovation center in Shanghai. The new facility is aimed at strengthening the Henkel Adhesive Technologies, developing adhesives, sealants and functional coating solutions.
- In March 2019, H. B. Fuller established engineering adhesives business in Japan. It focused on development of high performance adhesives, including reactive adhesive chemistries and applications.
The wood adhesives market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Henkel AG & Co. KGaA, BASF SE, Sika AG, Pidilite Industries Limited and Jubilant Industries Ltd. are among the prominent players operating in the market.
Target audience for the report:
- Raw material providers
- Wood adhesives manufacturers
- Wood adhesives-related associations, organizations, forums, and alliances
- Venture capitalists, private equity firms, and start-up companies
- Wood adhesives suppliers
- Wood adhesives distributors and sales firms
- End users of wood adhesives
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Resin Type:
- Natural Resin Adhesives
- Synthetic Resin Adhesives
- Flooring and Decks
- Windows and Doors
- North America
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- Henkel AG & Co. KGaA
- BASF SE
- Sika AG
- Pidilite Industries Limited
- Jubilant Industries Ltd.